Compensation for termination of distributorship agreement is revenue receipt

HIGH COURT OF BOMBAY Larsen & Toubro Ltd. versus Commissioner of Income-tax  IT REFERENCE NO. 63 OF 1991 SEPTEMBER 5, 2012 JUDGMENT S.J. Vazifdar, J.  This is a Reference under section 256(1) of the Income Tax Act, 1961. The Income Tax Appellate Tribunal, by an order dated 24th October, 1988, dismissed the applicant’s appeal being ITA No. 2983/Bom/84, against the order of the Commissioner of Income-tax (Appeals) pertaining to assessment year 1980-81. The Tribunal has referred the following questions of law for the opinion of this Court :- (1)  Whether on the facts...